********************************************************************************
********************************************************************************
****Paper: Proxy Advisory Firms and Corporate Shareholder Engagement
****Journal: Review of Financial Studies
****Authors: Aiyesha Dey , Austin Starkweather,and Josh White
****Date: June 2, 2024
****Stata: Version 15 for PC

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// -----------------------Identify File Path -------------------------------- //
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capture cd "C:\Users\austin.starkweather\Dropbox\Research\CD&A Disclosure\Analysis"
capture cd "C:\Users\joshw\Dropbox\CD&A Disclosure\Analysis"


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// -----------------------Install these Stata Packages ---------------------- //
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*Note: all of these packages were installed and up-to-date as of May 30, 2024
*ssc install reghdfe, replace
*ssc install ftools, replace
*ssc install ppmlhdfe, replace
*ssc install estout, replace
*ssc install rdrobust, replace
*ssc install rddensity, replace
*ssc install did_imputation, replace
*ssc install event_plot, replace
*ssc install eventstudyinteract, replace


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// ---------------------------------- Tables -------------------------------- //
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// -------------------------- Table 1: Shareholder Engagement Measures Over Time
do Code\produce_table1_final

// ----------------------------- Table 2: Determinants of Shareholder Engagement
do Code\produce_table2_final

// -------- Table 3: Regressions Analysis of Shareholder Engagement Determinants
do Code\produce_table3_final

// ---------------------------------------------------- Table 4: Firm Disclosure
do Code\produce_table4_final

// --------------------------- Table 5: ISS Treatment and Shareholder Engagement
do Code\produce_table5_final

// --------------- Table 6: RD Tests of ISS Treatment and Shareholder Engagement
do Code\produce_table6_final

// -------------------- Table 7: Shareholder Engagement and Prior Voting Support
do Code\produce_table7_final

// ------------------------------------------ Table 8: Credibility of ISS Threat
do Code\produce_table8_final

// ----------------- Table 9: ISS Treatment and Shareholder Engagement Over Time
do Code\produce_table9_final

// ----------------- Table 10: Abnormal Stock Returns around SOP Vote Disclosure
do Code\produce_table10_final

// ----------------------- Table 11: Shareholder Engagement and Agency Conflicts
do Code\produce_table11_final

// ------------------------------------------------ Table 12: Threshold Analysis
do Code\produce_table12_final


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// -------------------------------- Figures --------------------------------- //
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// ------------------------------ Figure 1: Proxy Advisors and Information Flows
*Created in PowerPoint

// ----------------------------- Figure 2: Time Trends in Shareholder Engagement
do Code\produce_figure2_final

// ------------------------------ Figure 3: ISS Survey on Shareholder Engagement
*Created in Excel from ISS docs

// ------------------------- Figure 4: Distribution of Say-On-Pay Voting Support
do Code\produce_figure4_final

// ---------- Figure 5: Regression Discontinuity Plots of Shareholder Engagement
do Code\produce_figure5_final

// --------- Figure 6: ISS Treatment Effect and Shareholder Engagement Over Time
do Code\produce_figure6_final


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// -----------------------Internet Appendix Tables -------------------------- //
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// -------------------------------------------------- Table IA1: ISS Policy 2011
*Taken from ISS docs

// -------------------------------------------------- Table IA2: ISS Policy 2019
*Taken from ISS docs

// ---------------------------- Table IA3: Engagement Results with Python Script
do Code\produce_tableIA3_final

// ------------------------ Table IA4: Shareholder Engagement Correlation Matrix
do Code\produce_tableIA4_final

// ---- Table IA5: Determinants of Shareholder Engagement with GL Recommendation
do Code\produce_tableIA5_final

// ------------------ Table IA6: Big 3 Asset Managers and Shareholder Engagement
do Code\produce_tableIA6_final

// ----------- Table IA7: Manipulation Tests Around the 50% Say-On-Pay Threshold
do Code\produce_tableIA7_final

// --------------------------------- Table IA8: References to ISS in SEC Filings
do Code\produce_tableIA8_final

// ------------------------- Table IA9: Staggered Difference-in-Differences Test
do Code\produce_tableIA9_final

// ------ Table IA10: Regression Discontinuity Estimates of Announcement Returns
do Code\produce_tableIA10_final

// ---------------------------------------- Table IA11: Additional Placebo Tests
do Code\produce_tableIA11_final


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// -----------------------Internet Appendix Figures ------------------------- //
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// -- Figure IA1: Regression Discontinuity Plot of Compensation Committee Tenure
do Code\produce_figureIA1_final

// ---------------------- Figure IA2: Trends of Shareholder Engagement Over Time
do Code\produce_figureIA2_final

// ------------ Figure IA3: Regression Discontinuity Plots for Placebo Treatment 
do Code\produce_figureIA3_final

